MARIZYME, INC.: debt financing — Marizyme defaults on Walleye Note; cross-default triggers $21.9M accelerated payment on convertible notes

As of the Maturity Date, the balance under the Walleye Note was not repaid or otherwise satisfied in full. The principal amount of the Walleye Note therefore increased from $1,000,000 to $1,250,000. The number of Warrant Shares was also increased accordingly; however, the Public Offering Registration Statement was withdrawn as of April 21, 2023. Due to the non-payment, the obligations of the Company under the Walleye Note became subject to immediate repayment obligations.

Due to the non-repayment of the initial principal amount of $1,000,000 under the Walleye Note by the Maturity Date, the Company also defaulted under the Convertible Notes on the same date. The Convertible Notes provide that due to this default, the Company became obligated to pay 135% of the outstanding principal amount under each of the Convertible Notes on the date on which the default occurred (the "Mandatory Default Amount"). The Mandatory Default Amount may be declared due by each holder immediately. The aggregate Mandatory Default Amount that may be due under the Convertible Notes was $21,871,631 on the date of the default, or approximately $5.3 million more than would otherwise have been due under the Convertible Notes on the date of the default.